Simmons copies Linklaters by slashing client count
Linklaters by slashing client count" />Simmons & Simmons is planning a Linklaters-style strategy of cutting the number of its key global clients in the wake of the financial crisis.
Simmons has rethought its plans following the loss of key clients such as Lehman Brothers and ABN Amro.
Under the current three-year plan, which comes to an end next year, the firm targeted 50 large companies across its international network.
But managing partner Mark Dawkins is hoping to cut that number by at least half. He said: “For a firm of our size, 20-25 is a better number.”
Each of Simmons’ overseas offices will also be given a list of local clients to target.
The move comes hot on the heels of Linklaters’ plan to reduce the total number of clients it represents from 11,000 down to an expected 3,000 by this time next year.
Dawkins is set to consult Simmons’ international practice group heads about the scheme before putting it to the vote at the partner meeting in spring 2009.
The three-year strategy to pursue business from 50 global clients by focusing on key sectors has seen firm’s revenue rise by 48 per cent, from £196m to £289.3m.
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Readers' comments (13)
Anonymous | 10-Nov-2008 10:57 am
Greed @ Simmons & Simmons
This is clear proof of the greed at Simmons & Simmons. They take more than they can swallow. The inside culture is terrible at this law firm and they should review that before selling to clients their services. They should look at the dead wood that manages this law firm. In London, they should review their hiring policy and keep an open mind that London now has diversity. Focusing on just hiring Brits is not the way to go. Diversity is coming to London and they should embrace it rather than have to follow others, again.
This law firm should review the quality of their work and people that get hired to catch up with the rest of the world. Old policies put in place by dead wood partners do not work anymore. This is why we see that London law offices are left behind when comparing them with the rest of the world. Cut bureaucracy and discrimination in London. Move with the world and embrace divesity and other nationalities. They can perform much better than any Brits that Simmons & Simmons is hiring. Diversity is what gives a country a new and fresh approach to things.
Wake up Simmons & Simmons until is not too late and stop following others. Initiate and be more of an example rather than a follower with old ideas driven by old greedy dead wood partners.
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Anonymous | 10-Nov-2008 1:32 pm
Re Greed's comments
Have you worked at Simmons & Simmons recently? That isn't an English accent - it's an Aussie one. I think that Simmons are on the right track - they were when I was there - but of course there is still a lot of dead wood, remnants of the old school.
A lot of the dead wood are the client relationship people, of course, so perhaps that is the only greedy part - not getting rid of underachievers because they bring the money in... but this is a business not a university, isn't it.
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Anonymous | 10-Nov-2008 1:56 pm
Cutting clients.....
More like getting dumped by their clients.
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Anonymous | 10-Nov-2008 2:02 pm
eggs and baskets
probably not the greatest idea....
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The world's number one business lawyer | 10-Nov-2008 2:49 pm
Oh dear....
I think Dawkins may have misunderstood what Linklaters is doing on this issue.....
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Anonymous | 10-Nov-2008 3:46 pm
Re Re Greed's comments
It is proof that Simmons & Simmons is hiring Brits as per the other commentator of Greed's comments who is unwilling to accept diversity. Simmons & Simmons is hiring people who cannot accept diversity.
A law firm is a business, unfortunately a very dishonest business recognized by the law society. Clients start to recognize that they get less value for the money in the UK and less talented solicitors, only dead wood with old principles gained in the old school. If there are young solicitors, they are brainwashed by old partners and thus forced to act like them and bring no change at all to the practice of law. Only those who embrace diversity and lived in other countries could bring about new change.
No wonder that clients dump Simmons & Simmons. They have to come clean somehow and make an excuse as in this article.
They are followers with a long way to go and generations to pass in order to achieve excellence in the practice of law.
Diversity is key to the practice of law and law society should look at all UK law firms to realize that there is an immediate need for change in order to compete with other law firms such as the US.
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Anonymous | 10-Nov-2008 4:27 pm
Anonymous's comments
are incomprehensible and incoherent
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Anonymous | 10-Nov-2008 5:03 pm
re Anon.. the one with the chip
Having worked at Simmons, I can confirm that there is diversity. They have a few "experienced" trainees, and a fair number of asian solicitors (in both senses of the term). I think the problem is people who go in with a chip thinking that the world owes them a living and opportunity because they are part of a minority group.
There are plenty of white, middle class men who do not get into Simmons because they don't cut the mustard, although you might think they would get in to this allegedly white,middle class firm.
What drivel from that poster - diappointed that the caste system doesn't still guarantee you a job?
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In-house lawyer | 11-Nov-2008 4:12 pm
They're better than most....
I think Simmons have really upped their game in recent years. They have diversified their practice and have some real stars in areas such as funds and litigation where they were previously only top notch in employment.
I am not quite sure what being a key global client means but good luck to them. I see them and Herbert Smith as a bulwark against the arrogance of the magic circle.
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The world's number one business lawyer | 12-Nov-2008 2:22 pm
What has diversity got to do with this?
Maybe I am just confused but the article seems to have nothing whatever to do with diversity so why are most of the posts here about an alleged lack of diversity at Simmons?
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